Then follow us on Google News!
A lot of Bitcoin Cash users aren’t too pleased with LocalBitcoins’ recent update. Although the company seemingly planned to support BCH, it will not happen in the end. In fact, the company will not support any of the current or future Bitcoin forks. As a result, someone put together the code for a LocalBitcoinCash platform. It works the same as LocalBitcoins, but only supports BCH trading as of right now.
LocalBitcoinCash will be a peer-to-peer marketplace for BCH users. It will provide similar functionality to LocalBitcoins, but only for this altcoin specifically. Bringing together buyers and sellers from all over the world will be pretty interesting. This recent Bitcoin fork has caused a lot of controversy and gotten a lot of support so far. However, LocalBitcoins has no plans to enable BCH trading now or in the future. That decision doesn’t sit well with a lot of community members, to say the least.
LocalBitcoinCash is an Interesting Concept
In fact, one user has taken matters into his own hands. More specifically, the code has been created to launch LocalBitcoinCash. It will be an escrowed marketplace focusing on peer-to-peer trading. If all things go according to plan, the platform will go live in a few weeks from now. It is evident there is a growing demand for BCH, even though the price has tanked a bit over the past week. Whether or not LocalBitcoinCash can change that trend, remains to be determined.
Having this escrow feature is quite important, to say the least. It will protect both buyers and sellers accordingly. There will be no fees for this feature or the entire platform, which is rather significant. There is also a “meetup” feature, which makes it slightly easier to conclude transactions in a P2P fashion. There are plans in motion to generate revenue through this platform, though. However, it will not be done using any fees charged to users whatsoever. An interesting design choice, although one that automatically brings positive attention to LocalBitcoinCash.
It will be interesting to see whether or not this platform will be successful. LocalMonero has announced they plan to integrate BCH if there is enough demand for it. It is evident there is a growing demand for BCH support as of right now. It is good to see peer-to-peer marketplaces focus on non-Bitcoin currencies as well. Altcoins should never be overlooked whatsoever. Filling this “gap” in services support BCH is not easy, though.
Header image courtesy of Shutterstock